U.S. Factory Orders Fall, Inventory Liquidation Under Way

New orders for U.S. factory goods fell 1.0% in September, after a downwardly revised 2.1% drop in August, according to the U.S. Department of Commerce. Orders for automobiles and parts rose 1.5% in September, after falling 2.0% in August. Orders for nondefense capital goods excluding aircraft decreased 0.1% in September, instead of the 0.3% drop initially reported.

The factory orders report also showed a 0.4% decline in manufacturing inventories, which was bigger than the government had assumed for its third-quarter gross domestic product estimate published last week. The decline suggests the third-quarter GDP estimate could be lowered by at least one-tenth of a percentage point to a 1.4% annual pace, economists say.

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